Some thoughts on the current state of Bitcoin 1. MicroStrategy's position is so large and they’re still accumulating. Is this good or bad for Bitcoin’s future? I feel like it’s a double-edged sword! In the short term, it boosts market confidence and locks liquidity, supporting the market. But in the long term, it introduces closer coupling with the traditional financial system and new centralization risks. 2. What’s the ceiling for Bitcoin as digital gold? Will it go to zero or become the world’s top asset? Gold’s consensus is based on its physical properties and thousands of years of history, with central banks worldwide as the main buyers. Bitcoin’s consensus is based on cryptography and algorithms, and its current price is heavily influenced by U.S. monetary policy and Wall Street capital. 3. Straying from Satoshi’s vision and becoming a tool for regimes (as a national reserve asset) — is this good or bad? Satoshi’s core intention in inventing Bitcoin was to create a decentralized electronic cash system, eliminating reliance on financial institutions or governments, enabling direct peer-to-peer transactions. But any asset that wants to go mainstream and be accepted by billions of people can’t avoid interacting with the existing system (governments, financial regulations). Being “co-opted” and brought under regulation is a realistic survival strategy to gain legitimacy and avoid being completely banned. The pure ideals of early days have been diluted, but its core foundation of decentralization and fixed supply remains intact. What will Bitcoin’s future look like?